REGISTERED NUMBER: |
Financial Statements |
for the Period 1 April 2022 to 31 December 2022 |
for |
Astec Computing (UK) Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Period 1 April 2022 to 31 December 2022 |
for |
Astec Computing (UK) Limited |
Astec Computing (UK) Limited (Registered number: 02906412) |
Contents of the Financial Statements |
for the Period 1 April 2022 to 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Astec Computing (UK) Limited |
Company Information |
for the Period 1 April 2022 to 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Astec Computing (UK) Limited (Registered number: 02906412) |
Balance Sheet |
31 December 2022 |
2022 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 7 |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Astec Computing (UK) Limited (Registered number: 02906412) |
Notes to the Financial Statements |
for the Period 1 April 2022 to 31 December 2022 |
1. | STATUTORY INFORMATION |
Astec Computing (UK) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. |
Assessing indicators of impairment |
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year. |
Tangible fixed assets |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Astec Computing (UK) Limited (Registered number: 02906412) |
Notes to the Financial Statements - continued |
for the Period 1 April 2022 to 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are initially recorded at cost less any tax, discounts and rebates. Subsequently they are recorded at cost less accumulated depreciation and impairment. |
Government grants |
Government grants are credited to the profit and loss account as the related expenditure is incurred. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Operating lease |
Rentals paid under operating lease are charged to profit and loss on a straight line basis over the period of the lease. |
Going concern |
The company's financial statements for the period ended 31 December 2022 have been prepared on a going concern basis as after making appropriate enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
Astec Computing (UK) Limited (Registered number: 02906412) |
Notes to the Financial Statements - continued |
for the Period 1 April 2022 to 31 December 2022 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 April 2022 |
Charge for period |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 March 2022 |
Cost or valuation at 31 December 2022 is represented by: |
Improvements | Fixtures |
to | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2001 | - | 23,883 | - | - | 23,883 |
Cost | 4,575 | 41,059 | 21,638 | 40,438 | 107,710 |
4,575 | 64,942 | 21,638 | 40,438 | 131,593 |
If tangible fixed assets had not been revalued they would have been included at the following historical cost: |
2022 | 2022 |
£ | £ |
Cost | 107,710 | 105,386 |
Aggregate depreciation | 86,049 | 79,437 |
Tangible fixed assets were valued on an open market basis on 31 March 2001 by the directors . |
Astec Computing (UK) Limited (Registered number: 02906412) |
Notes to the Financial Statements - continued |
for the Period 1 April 2022 to 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2022 |
Release of revaluation reserve | (123 | ) |
At 31 December 2022 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | CONTINGENT LIABILITIES |
The company has guaranteed the loan facilities of a group company. The loan balance was £18,249,000 as at 31 December 2022. |
10. | RELATED PARTY DISCLOSURES |
Included within trade creditors is a balance amounting to £1,428 due to a company in which a director of the company is also a director and shareholder. |
Included in the financial statements is provision of £737,099 in respect of balance due from former parent company which is not considered recoverable. |
Astec Computing (UK) Limited (Registered number: 02906412) |
Notes to the Financial Statements - continued |
for the Period 1 April 2022 to 31 December 2022 |
11. | ULTIMATE CONTROLLING PARTY |
The company's ultimate parent undertaking at the balance sheet date was Intec Business Holdings Limited, a company registered in England and Wales. |
The company's parent undertaking at the balance sheet date was Intec Business Technology Limited, a company registered in England and Wales. |
Registered Office | Reedham House |
31 King Street West |
Manchester |
United Kingdom |
M3 2PJ |